Unpacking the UK’s New Payments Architecture
In our latest Payments:Unpacked podcast we unpack the UK’s proposed New Payments Architecture (NPA).
Let’s start with a quote by KMPG:
At its heart, the NPA aims to streamline interbank payments into a single clearing and settlement system, replacing the numerous systems in place today. Initially, Faster Payments transactions will migrate to the NPA in 2024-2025, followed by Bacs. It will be a new central infrastructure based on ISO 20022, making it the biggest shift in payment processing for a generation.
In this Payments:Unpacked podcast we talk to Paul Simpson from ACI Worldwide:
Although Faster Payments are not migrating until 2024-25, banks need to start preparing now for the first phase of the change: starting with self-certification in 2023. Self-certification is the process by which banks confirm to Pay.UK that they are ready for Faster Payments migration.